In a move that it hopes "will ultimately shorten the time it will take to get the asbestos problem completely behind us," Congoleum said it has agreed to modify its original settlement.
Congoleum Corp. has obtained the asbestos claimant votes necessary for approval of its pre-packaged Chapter 11 plan of reorganization, and has proceeded with its bankruptcy filing in Trenton, N.J.
Congoleum Corp. has finalized documents relating to its pre-packaged Chapter 11 plan of reorganization and mailed them to asbestos personal
injury claimants and other parties in interest.
Congoleum Corp. has announced that Congoleum and the trustee for Congoleum's 8 5/8 percent senior notes due 2008 have adopted certain amendments to the indenture governing the notes.
Congoleum Corp. has executed certain amendments to the settlement agreement it entered into on April 10 with attorneys representing more than 75 percent of the present asbestos claimants, and certain ancillary agreements relating to that settlement agreement.
Congoleum Corp. said it has reached an agreement in principle with attorneys representing more than 75 percent of the known present claimants with asbestos claims pending against Congoleum.
Congoleum Corp. announced that as part of its strategy to resolve its asbestos
liabilities, it is seeking bondholders' approval of certain amendments to the
indenture governing its 8 5/8 percent Senior Notes due 2008.